Monetary Policy Response to the Recent Negative Shock

Expansionary monetary policy has been widely used as a tool recently by the
central Banks around the world in response to the global pandemic led by
COVID-19. However, there is an argument that the central banks will probably
need to aim for a higher level of inflation, as advanced capitalist economies
attempt to recover from the negative shock, according to these articles:
Explain how the transmission mechanism of monetary policy works in a
recessionary environment to stimulate aggregate demand (AD)? How effective
were the reductions in nominal interest rates for Australian economy in the
current global pandemic that started in 2020?

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